Tesla's Massive Price Cuts Send Shockwaves Across Auto Industry via insideevs.com
Since it has been quite clear for some time that Tesla's margins are likely impressively high, it was able to not only drop prices on its whole lineup recently, but also drop them in a massive and surprising manner. Not long after Tesla's 2022 end-of-year discounts and incentives, it upped the ante much higher. For example, the Model Y's starting price dropped from $65,990 to $52,990, and now it's eligible for a $7,500 US federal EV tax credit on top.
Tesla's prices have been arguably too high for a time, and they kept going up in 2022. The demand for the vehicles was reportedly very high, and wait lists were growing. People were waiting many months to take delivery, and some may have been giving up onAfter Tesla was unable to meet its delivery guidance of 50 percent growth from 2021 to 2022, it announced the significant price cuts on all of its cars in the US.
As more people become aware of Tesla's price cuts and try to get in on the action, it's also reportedly sparking a boost in interest in EVs in general.shared that the number of people searching for electric cars grew after Tesla's recent price cuts. The was the second most searched vehicle overall on Edmunds' site, and it had been No. 70 just before the price reductions.Recent Tesla Price Cut Will Have A Negative Effect On Resale Prices
You can probably imagine many other ways in which Tesla's notable price cuts are making an impact on companies across the globe. It will be interesting to see how rivals respond, as well as how long Tesla will continue to offer its vehicles at reduced prices. If competitors lower their prices, it may encourage Tesla not to raise prices too high, but in the meantime, those rivals will likely lose even more money.
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